Currency Devaluation Non-Solution

On the October 13th "Breakfast with Dave", David Rosenberg correctly points out that currency revaluation by the Chinese will not likely have the outcome desired.

Since 1985, dollar-yen has sunk nearly 70% and yet the US has the same bilateral deficit with Japan today as it had then. So why does everyone think that a Chinese revaluation will necessarily clear out any perceived imbalances? Maybe if U.S. policy encouraged thrift over asset-based consumption growth, these trade imbalances would dissipate more quickly.